Shanghai-Listed Firms Report Solid Revenues as More Tech Companies Turn Profitable

Shanghai-listed companies reported solid revenues in the first three quarters, with many technology shares becoming profitable, according to official data.

Altogether, 94 companies on the main board of the Shanghai Stock Exchange and its Nasdaq-style STAR Market posted a combined 7.6 percent year-on-year growth in nine-month profit, with revenue increasing by 8.2 percent.

As of October 22, about 90 percent of the reporting companies showed profitability. The nonferrous metals sector doubled profit, transportation rose 74 percent, and electronics companies posted a 38 percent increase in revenue.

Shanghai's economy expanded 5.5 percent year on year in the first three quarters, 0.6 percentage points faster than its growth in the first half, data from the Shanghai Statistics Bureau showed.

To break down the data, industrial production in Shanghai rose 5.5 percent in the first three quarters, led by the high-tech sectors, with integrated circuits, artificial intelligence and new-energy vehicles rising 23.4 percent, 24.8 percent and 26.7 percent, respectively.